Ex-Stripe exec $27.5Mn fundraise to acquire tax & accounting firms, challenge Big 4

• Multiplier Holdings, founded by former Stripe exec Noah Pepper, is acquiring boutique tax and advisory firms and transforming them using custom AI tools.
• The startup has raised $27.5M (Seed + Series A) to scale this model, led by Lightspeed Venture Partners.
• Citrine International Tax, its first acquisition, has 2.5x’d cash flows.
• The goal? Build an AI-first professional services firm that could challenge the Big Four.

What is happening?

In 2022, Noah Pepper — then Stripe’s APAC lead — began building SaaS tools for tax professionals.

But once ChatGPT and generative AI arrived, everything changed.

Pepper shared with TechCrunch, “Software alone won’t transform professional services. We need to embed AI deeper — and own the firm.”

Rather than selling software to firms, he pivoted into a new model: Buy small service firms. Apply AI. Scale fast.

First test: Citrine International Tax

The proof of concept came through Citrine International Tax, a 12-person cross-border tax firm.

Once acquired, Multiplier:

• Integrated AI tools to automate client onboarding, billing, tracking, and compliance
• Reduced manual work
• Delivered a better client experience

The outcome?

• 2.5x increase in cash flows, within months
• Performance bonuses for staff
• Happier clients

Also read: Accounting firms, ripe for AI-led rollups: Yes, new target for Venture Capital

Multiplier Holdings now raises $27.5M…

On June 18, 2025, Multiplier Holdings officially launched with $27.5 million in funding to acquire more firms!

Seed round led by Ribbit Capital.

Series A led by Lightspeed Venture Partners, with EDBI and SV Angel also joining.

Lightspeed alone has backed three more AI-powered roll-up startups (yet to be announced).

Multiplier’s playbook:

1. Acquire ambitious boutique firms (tax, accounting, etc.)
2. Onboard them to its AI-native practice management platform
3. Work with domain experts to build custom AI automations
4. Scale profitably while improving client service

Unlike vertical SaaS, Multiplier owns the outcome — and its AI stack is tailored to each firm, not bolted on.

Traditional service firms — tax, accounting, even legal — are ripe for AI-led reinvention. But only if you start small and scale smart.

Big opportunity: AI & Automation in accounting

The global professional services industry is valued at over $6 trillion and continues to grow.

But many accounting firms are stuck in:

• Shrinking talent pools
• Rising labor costs
• Outdated systems

Bigger goal…Become the AI-powered challenger to the Big Four!

Yes, Multiplier doesn’t just want to modernize small firms. Its goal is to build a modern alternative to the Big Four.

One AI-enhanced acquisition at a time.

Also read: VCs investing $500Mn to acquire & build AI-first CPA firms

AI roll-ups emerging in India

Multiplier’s model isn’t isolated. India is beginning to see early signs of similar roll-up strategies.

• SoftBank is exploring AI-led acquisitions of Indian IT and BPO firms, moving away from just venture funding.
• Fhero Accounting, a Chennai-based firm, has already begun automating repetitive accounting tasks using AI to drive operational efficiency. (as per analyticsindiamag)

With India’s massive professional services base, AI-powered roll-ups could become the next disruption across tax, CA, BPO, and consulting circles.

Disclosure: This article is adapted from original reports by TechCrunch and Business Wire.